STAFF PERSONNEL
LICENSED
Series 400
Policy Exhibit Title: Voluntary Early Retirement Plan for 2021-2022 Code No. 407.6E1
Purposes of the Plan
1. To provide recognition to retiring employees who have provided significant years of service to the Oskaloosa Community School District (“District”).
2. To provide appropriate incentive for employees considering early retirement.
Eligibility Requirements
1. Must be a current regular permanent employee of the District that is not subject to disciplinary action and has completed all contractual, licensure, and employment obligations. Employees must be a licensed professional employee (teacher, nurse, librarian, counselor, etc.), licensed Administrator, or Director of the District. Employees that have previously received retirement incentives from the District are not eligible.
2. Must have a minimum of 10 years of service with the Oskaloosa Community School District and be at least at the minimum age for early retirement benefits as established by Iowa Code Chapter 97B by July 31, 2022. Years of service will be based on the most recent continuous employment immediately prior to July 1, 2022. Extended leave approved by the Board will not count toward years of service, but will not break continuity of service. Staff meeting age requirements that have worked some or all of their years of service on a part-time basis or partial-year basis, shall have any such year of service count as one-half year, and if the sum of cumulative years includes one-half of a year, the number of years of service shall be rounded up to the next whole year.
3. Application must be made by 4:00PM, January 6, 2022, for retirement that would begin July 1, 2022. Employee must submit a written resignation from the existing contract contingent upon approval of the Board of Directors for participation in the retirement plan. In addition, the employee must complete and submit to the Application for Participation in the Voluntary Early Retirement Plan.
Benefits
1. Eligible employees will receive an incentive package based on longevity and balance of sick leave. The package will provide $500.00 for every year of service with the District (as defined above) and $25 for each day of sick leave remaining as of June 30, 2022.
2. An employee who elects to remain on the District’s health insurance plan subsequent to August 31, 2022, must have their incentive pay contributed to a Health Reimbursement Account (HRA) held by the District. The cost of the health insurance premiums shall still be paid to the District by the retired employee. If the employee elects not to participate in the District’s health insurance plan after retirement, they cannot elect to participate at a later time.
3. An employee eligible for incentive pay that elects not to participate in the District’s health insurance must have their benefit contributed to a 403(b) retirement account as provided by the District through the State of Iowa’s Retirement Investors Club.
4. The funds for the incentive packages will be disbursed into the proper account on or about November 16, 2022. The employee may not receive the incentive funds in cash or in any form other than those listed above.
Other Provisions
1. The Board reserves the right to change the plan or cancel the plan at their discretion. Retirees that have been awarded retirement recognition prior to the change or cancellation will have the opportunity to rescind their retirement and resignation. Implementation of this plan does not vest any right in any employee to any current or future benefits.
2. Employees receiving this benefit shall not seek future permanent employment with the District. The District, at its discretion, may initiate a reemployment offer to a retiree, and if the retiree agrees, it will not change the incentive package payments due the retiree.
3. Pursuant to Iowa Statute, participation for eligible employees will be funded from the District’s Management Fund as early retirement benefits.